Call it flavor of the season or overt holier-than-thou or just plain Anna Hazare effect, major real estate developers of Punjab have announced not to pay bribes to government officials in future for getting their projects approved.
Rakesh Jain booked a flat in one of the projects in Noida Extension. He paid to the developer all the savings from his hard-earned money and had everything in place-due diligence done through his lawyer.
As India’s realty sector goes through a liquidity crunch with banks tightening lending norms and property sales dropping, real estate developers are turning to alternative channels of funds.
The farmers and Noida Authority have negotiated a truce for three months under which the farmers of 54 Noida villages have given an undertaking to the Noida Authority.
India’s real estate sector will be among the worst hit by the Reserve Bank of India’s decision to raise key interest rates, experts have said.
The Confederation of Real Estate Developers’ Association of India (CREDAI) has estimated that the sector will face a funding gap to the tune of USD 70 billion over the next five years.
The Supreme Court judgment on Shahberi village in Noida Extension was the beginning of the end of the proposed township.
In yet another jolt to the Uttar Pradesh government’s plan to build a residential hub on 2,000 acres in 11 villages in Noida Extension, the Allahabad high court on Tuesday, July 19, set aside the acquisition of 589 hectares in Patwari village.
The real estate developers who have been affected by the Supreme Court verdict on Shahberi village demand Greater Noida Industrial Development Authority to compensate them.
Sale of housing units have virtually come to a halt in Noida Extension following a Supreme Court order quashing land acquisition from farmers by the state authorities in some parts of the area.